Sou Hu Cai Jing·2025-12-01 01:09Core Viewpoint - The A-share market is expected to maintain an upward trend in December, with short-term fluctuations anticipated, while the Hong Kong market may experience a volatile upward trend influenced by signals from the Federal Reserve [1] Group 1: Economic Policy and Market Outlook - The Central Economic Work Conference in December is expected to focus on economic policies for 2026, particularly in areas such as fiscal and monetary policy, expanding domestic demand, stabilizing the real estate market, and "anti-involution" measures [1] - The Federal Reserve's December meeting may result in a combination of "interest rate cuts + hawkish guidance" [1] - A series of industry conferences in December may create investment opportunities, including the "AI+" industry conference on December 1, the brain-computer interface conference on December 4, the 9th International Carbon Materials Conference on December 9, and the 2025 Computing Power Industry High-Quality Development Conference on December 11 [1] - The Hainan Free Trade Port will officially start full island closure operations on December 18, impacting duty-free retail, modern logistics, and trade services [1] Group 2: Investment Themes - The "anti-involution" policy is expected to improve industry performance, with a weaker dollar potentially boosting commodity prices, suggesting a focus on resource sectors benefiting from rising gold and copper prices [2] - The "going abroad" theme indicates that China's high-end manufacturing sector is likely to continue increasing its global market share, with overseas revenue becoming a key profit growth driver for companies, particularly in wind power equipment and home appliance exports [2] - The high dividend and stable cash flow theme suggests focusing on defensive sectors with favorable dividend rates [3] - The technology innovation and domestic demand recovery theme highlights the semiconductor industry's cyclical recovery and the long-term logic of domestic substitution, with leading companies in specific segments expected to benefit, while consumer services are anticipated to become a new growth point [3] Group 3: Recommended Stocks - The report lists ten recommended stocks, including: - Dajin Heavy Industry (002487.SZ) - China Mobile (600941.SH) - Longking Environmental Protection (600388.SZ) - China Resources Mixc Lifestyle (1209.HK) - Damai Entertainment (1060.HK) - Zijin Mining (601899.SH) - Electric Power Investment Energy (002128.SZ) - Haier Smart Home (600690.SH) - Zhaoyi Innovation (603986.SH) - China Merchants Bank (600036.SH) [4]